Crude oil has bottomed out recently, demonstrating a strong rally that has started in February. Prices were moving in an ascending channel as it is shown on the present chart. While the pattern is a bullish one, the long move upward means that some form of a correction is likely to occur in the near future.

The chart offers objectives for traders in case prices break through the bottom border of the channel (which is shown by the yellow lines). The cyan Bounce House Obstacle Course
line shows the entry level for short positions. The green line together with the bottom yellow line creates a mirror image of the channel to the downside and presents a profit-taking objective.

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You can download the MetaTrader 4 chart template for this pattern.
If you have any questions or comments regarding this chart pattern for oil, please feel free to reply below.